Abbott, one of the largest healthcare product companies in India, has picked up an entire under-construction building with over 1.60 lakh sq ft built-up area in the Andheri suburb of Mumbai to set up an innovation & development centre, said two persons familiar with the development.
The deal assumes significance as the lease will run for over 15 years, being the first time an occupier offering commitment for such a long tenure. Also, this is for the first time, a pharmaceutical company is setting up an innovation centre in a prime locality of Mumbai or any other metropolis, while most prefer peripheral areas or tier II cities. The built-to-suit standalone building is expected to be ready over the next one year. Abbott India will be paying monthly rental of over Rs 120 per sq ft, taking it to annual lease of over Rs 23 crore.
Read more: Economic Times
